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Sunrun | 8-K: Sunrun Reports Fourth Quarter and Full Year 2023 Financial Results

SEC announcement · Feb 21 16:07

RUN +8.68%

Summary by Moomoo AI

On February 21, 2024, Sunrun Inc., a leading provider of residential solar, storage, and energy services, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced significant growth in storage capacity installed, reaching 219.7 Megawatt hours in Q4, which is a 154% increase year-over-year. Storage attachment rates also grew to 45% of installations in Q4. Sunrun's net subscriber value saw an increase of $2,414 from Q3, and the company generated $11 million in cash during Q4. The company's net earning assets increased to $5 billion, including $988 million in total cash. CEO Mary Powell highlighted the company's momentum and focus on high-margin storage offerings, customer engagement, and service excellence. CFO Danny Abajian reiterated the strong cash generation outlook for 2024 and mentioned proactive capital market activities, including raising over $3 billion in Q1 and repurchasing $26 million in convertible bonds. Sunrun also announced a partnership with Lowe's to offer solar products in stores and provided updates on capital market activities, SolarAPP+ adoption, and a pilot for early contract renewals. The company expects storage capacity installed to grow by 40% to 75% in 2024 and solar energy capacity installed to range from a 5% decline to 5% growth year over year. Sunrun reported a GAAP net loss of $350.1 million for Q4 and $1.6 billion for the full year, attributed in part to a non-cash charge related to its investment in Lunar Energy and a goodwill impairment charge recorded earlier in the year.

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